Several U.S. cities rank in the top 10 most expensive urban areas for building construction worldwide, according to a survey by global professional services company Turner & Townsend.
After Tokyo, the costliest construction market at $4,002 per sqm, and Hong Kong, at $3,894 per sqm, San Francisco ($3,720 per sqm) took the bronze. New York ($3,511 per sqm) was close behind, followed by Boston ($3,375 per sqm), Los Angeles ($3,186 per sqm), and Chicago ($2,935 per sqm).
Rising costs across all 11 U.S. markets surveyed are likely to be sustained through 2021, 2022, and 2023, according to Turner & Townsend’s forecasts. The inflation rate in San Francisco, which grew by 3.5% in 2020, is expected to reach 5% through 2022 and 2023.
The principal driver for rising costs is anticipated to be rising infrastructure spending, following President Biden’s plans to commit 1% of GDP into areas including transportation, utilities, broadband networks, and renewable energy, over eight years.
Related Stories
Codes and Standards | Mar 20, 2019
Codes organizations to develop new guidelines on shipping containers as building components
Intl. Code Council and Modular Building Institute combine forces.
Codes and Standards | Mar 19, 2019
Plan for transformation of Lower Manhattan streetscapes unveiled
Pedestrian-friendly “Slow Streets” pilot starts on Earth Day 2019.
Codes and Standards | Mar 15, 2019
Newly developed building materials could have big impact on sustainability
Transparent wood, self-cooling walls, bricks that filter air pollutants among the technological breakthroughs.
Codes and Standards | Mar 14, 2019
U.S. and Canada differ on how to evaluate field performance of windows, curtain walls
Variations include laboratory test method for determining rate of air leakage.
Codes and Standards | Mar 13, 2019
Climate change can’t be stabilized without addressing urban sprawl
Even if power goes green, transportation will still be a major emissions source.
Codes and Standards | Mar 12, 2019
Virginia county hones new rainwater harvesting standard
Developer prompts new rules to use rainwater for heating and air conditioning.
Codes and Standards | Mar 8, 2019
Portland delays requirement for posted warnings on unreinforced brick and stone buildings
Regulation would mandate signs warning that buildings could be unsafe during earthquakes.
Codes and Standards | Mar 7, 2019
California will allow flame retardant-free building insulation
State also repeals business furniture flammability standard.
Codes and Standards | Mar 6, 2019
Sixty six construction companies cited for wage theft violations in Massachusetts
Penalties total $2.7 million.
Codes and Standards | Mar 5, 2019
Persistent flooding having economic impact on coastal cities
Atlantic City, Annapolis among communities affected.